Ashley Seager and Nicholas Watt draw attention to the CBI's criticism of the government's lack of a coherent economic strategy (Bailouts add £1.5 trillion to Britain's public debt, 20 February). But how is such a strategy to be designed? We have no experience of such a situation to guide us (the world of the 30s was quite a different place); and, in any case, there is no such thing as practical action without any theory to tell us what are the feasible options, what consequences they will lead to, and so on.

Despite the undoubted unease of many economists, mainstream economics is still obsessed with the properties of stable markets in which supply and demand are in equilibrium. It has ignored the problem of economic management in times of turbulence - and, indeed, the mundane management of real mixed economies. The latter would have given us insight into the design of limitations on the sort of excesses that created the present crisis. Until we have more, better-grounded insight into these areas, governments of all political persuasions will simply have to flounder through.Dr Peter SmithManchester University

How can governments and bankers and their advisers continue to assert that the global crisis could not be foretold (Report, 12 February) when the gap between the incomes of the rich and the poor in the US, UK and worldwide had been steadily growing for decades - a sure sign, according to Keynes and his followers like Galbraith, of impending crisis? They argued that the poor wage earners cannot afford to buy all the extra goods produced and the rich with savings therefore have no incentive to invest in production and turn to speculation. Encouraging the poor to borrow could never fill the gap for long.Michael Barratt BrownLondon

A well-known romantic novelist recently appealed to politicians to read more poetry as an aid to their making better political decisions. I laughed. I could have wept when I found your economics editor, Larry Elliott, recommending a new book on Romantic economics (16 February), and showing such gullibility, and also ignorance of what real science is all about and how it should be used, and providing no explanation of what sort of "creativity" he feels is lacking.

Of course, the Romantics would not have got us into this predicament in the first place, for it is difficult to see just what advantages they ever did bestow. It is feasible that those who have landed us here were a modern variety of the same species, ignoring the laws of economics - such as they are - and sailing off romantically into the blue in search of a bonus. Emeritus Professor Frank EvansOrpington, Kent

Larry Elliott's advice that we can learn a lot about value by looking outside economics is certainly worth following. There is a subject that has long studied wealth without money, saving and investment without banks - it is economic anthropology and it has a great deal to teach us today.Pam Shurmer-SmithPortsmouth

I wish to express my deep concern at the confusion of moral perspectives and beliefs which is now gripping those who we were once pleased to call the ruling elites of Britain. Our conservative press could until recently be relied upon to support the class structure, but are now vilifying bankers who are knights of the realm and have even attacked members of the House of Lords. The leader of the Conservative party is complaining that rich people are earning too much, while the ex-head of MI5 is reported as saying that we are moving towards a police state.

I have taught sociology for many years and would like to say categorically that these are our lines, and I resent them being taken in this way. It is bad enough for my colleagues in financial management, banking and economics whose textbooks now look distinctly out of date and must frantically rewrite their courses with only Wikipedia to help. But we sociologists will simply not put up with this piracy of our best theories. If necessary we will retaliate and demand, in our lectures, a return to Thatcherite values.Professor Greg PhiloGlasgow University Media Group